[PPT] - COMPANY PRE SE NT AT I ON Ma rc h 2018 DI SCL AI ME R F PowerPoint Presentation

SLIDE 1

COMPANY PRE SE NT AT I ON

Ma rc h 2018

SLIDE 2

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DI SCL AI ME R

F ORWARD- L OOKING ST AT E ME NT S & INF ORMAT ION

T his pre se nta tio n c o nta ins fo rwa rd-lo o king sta te me nts a nd fo rwa rd-lo o king info rma tio n within the me a ning

f

a pplic a b le se c uritie s la ws. T he wo rds “e xpe c te d'', “e stima te d”, “sc he dule d”, “c o uld”, “a ntic ipa te d”, “lo ng -te rm”, “o ppo rtunitie s”, “po te ntia l”, “c o ntinue ”, “like ly”, “ma y”, “will”, “po sitio ne d”, “po ssib le ”, “b e lie ve ”, “e xpa nd” a nd va ria tio ns o f the se te rms a nd simila r e xpre ssio ns, o r the ne g a tive o f the se te rms o r simila r e xpre ssio ns, a re inte nde d to ide ntify fo rwa rd-lo o king info rma tio n o r sta te me nts. But the a b se nc e o f suc h wo rds do e s no t me a n tha t a sta te me nt is no t fo rwa rd-lo o king . F

rwa rd-lo o king info rma tio n is b a se d o n the o pinio ns, e xpe c ta tio ns a nd e stima te s o f ma na g e me nt
f Pyxis T

a nke rs I nc . (“we ”, “o ur” o r “Pyxis”) a t the da te the info rma tio n is ma de , a nd is b a se d o n a numb e r o f a ssumptio ns a nd sub je c t to a va rie ty o f risks a nd unc e rta intie s a nd o the r fa c to rs tha t c o uld c a use a c tua l e ve nts o r re sults to diffe r ma te ria lly fro m tho se pro je c te d in the fo rwa rd-lo o king info rma tio n. Altho ug h we b e lie ve tha t the e xpe c ta tio ns a nd a ssumptio ns o n whic h suc h fo rwa rd-lo o king sta te me nts a nd info rma tio n a re b a se d a re re a so na b le , yo u sho uld no t pla c e undue re lia nc e o n the fo rwa rd-lo o king sta te me nts a nd info rma tio n b e c a use we c a nno t g ive a ny a ssura nc e tha t the y will pro ve to b e c o rre c t. Sinc e fo rwa rd-lo o king sta te me nts a nd info rma tio n a ddre ss future e ve nts a nd c o nditio ns, b y the ir ve ry na ture the y invo lve inhe re nt risks a nd unc e rta intie s a nd a c tua l re sults a nd future e ve nts c o uld diffe r ma te ria lly fro m tho se a ntic ipa te d o r implie d in suc h info rma tio n. F a c to rs tha t mig ht c a use o r c o ntrib ute to suc h disc re pa nc y inc lude , b ut a re no t limite d to , the risk fa c to rs de sc rib e d in o ur Annua l Re po rt o n F

rm 20-F fo r the

ye a r e nde d De c e mb e r 31, 2016 a nd o ur o the r filing s with the Se c uritie s a nd E xc ha ng e Co mmissio n (the “SE C”). T he fo rwa rd-lo o king sta te me nts a nd info rma tio n c o nta ine d in this pre se nta tio n a re ma de a s o f the da te he re o f. We do no t unde rta ke a ny o b lig a tio n to upda te pub lic ly o r re vise a ny fo rwa rd-lo o king sta te me nts o r info rma tio n, whe the r a s a re sult

f ne w info rma tio n, future e ve nts o r o the rwise , e xc e pt in a c c o rda nc e with U.S. fe de ra l se c uritie s la ws a nd o the r

a pplic a b le se c uritie s la ws. T his pre se nta tio n a nd a ny o ra l sta te me nts ma de in c o nne c tio n with it a re fo r info rma tio na l purpo se s o nly a nd do no t c o nstitute a n o ffe r to b uy o r se ll o ur se c uritie s. F

r mo re c o mple te info rma tio n a b o ut us, yo u sho uld re a d the info rma tio n

in this pre se nta tio n to g e the r with

ur filing s with

the SE C, whic h ma y b e a c c e sse d a t the SE C’ s we b site (http:/ / www.se c .g o v).

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COMPANY

E ME RGING GROWT H - PURE PL AY PRODUCT T ANKE R COMPANY ► F

c us o n mo d e rn me d ium ra ng e (“MR”) pro d uc t ta nke rs with “e c o ” fe a ture s

► Yo ung ta nke r fle e t o f six IMO-c e rtifie d ve sse ls - we ig hte d a ve ra g e a g e o f ~7.0 ye a rs ► Ma na g e me nt ma y pursue a sa le o r o the r lo ng -te rm stra te g y re la ting to sma ll ta nke rs

Gr

wth Or

ie nte d with Attr ac tive , Mode r n F le e t

► L

ng -sta nd ing re la tio nships with first-c la ss c usto me rs wo rld wid e

► All MRs c urre ntly fixe d und e r sho rt-te rm T

C’ s a t a vg . ra te o f $14,900/ d a y

► 47% & 20% o f re ma ining d a ys thro ug h Q2 & F

Y 2018, re spe c tive ly, a re c o ve re d , e xc lusive o f

ptio ns

► Po sitio ne d to c a pita lize whe n c ha rte r ra te s impro ve

Re putable Custome r Base & Dive r sifie d Char te r ing Str ate gy

► Disc ipline d fixe d c o st struc ture c re a te s g re a te r e a rning s po we r whe n ra te s impro ve ► Co mpe titive to ta l d a ily o pe ra tio na l c o sts to pe e r g ro up ► Mo d e ra te c a pita liza tio n with lo w c o st, lo ng -live d b a nk d e b t

Compe titive Cost Str uc tur e & Mode r ate Capitalization

► Stro ng mg mt. te a m with 100+ ye a rs o f c o mb ine d ind ustry a nd c a pita l ma rke ts e xpe rie nc e ► F

und e r/ CE

O ha s pro ve n tra c k re c o rd a nd is a ma jo r sha re ho ld e r

► Bo a rd me mb e rs c o nsist o f re spe c te d ind ustry fig ure s a nd / o r with sig nific a nt e xpe rie nc e

E xpe r ie nc e d, Inc e ntivize d Manage me nt & Pr

mine nt Boar

d

► IMF

’ s g lo b a l a nnua l g ro wth o f 3.9% sho uld re sult in d e ma nd o utpa c ing supply thro ug h 2019

► L

we st MR2 o rd e rb o o k sinc e 2000 with sc he d ule d d e live rie s o f a vg . 2.8% / yr. fo r 2018-19

► Inc re a se d sc ra pping e xpe c te d – 5.6% o f the MR2 fle e t 20 ye a rs o ld o r mo re ► Ne w e nviro nme nta l re g ula tio ns c o uld ne g a tive ly a ffe c t o ld e r ve sse ls le a d ing to furthe r

sc ra pping a nd slo w ste a ming ind ustry wid e

F avor able Industr y F undame ntals Cr e ate Attr ac tive E ntr y Point

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4

F L E E T & E MPL OYME NT OVE RVI EW

POSIT IONE D F OR UPSIDE OPPORT UNIT IE S

Our mixe d c ha rte ring stra te g y pro vid e s upside oppor

tunitie s thro ug h spo t tra d ing whe n ra te s impro ve a nd stable , visible c ash flows fro m time c ha rte rs

Ve sse l Shipya r d Ve sse l T ype Ca r r ying Ca pa c ity (dwt) Ye a r Built T ype of Cha r te r Antic ipa te d Re de live r y Da te (1)

Pyxis E psilo n SPP / S.K

re a

MR 50,295 2015 T ime Ma y 2018 Pyxis T he ta SPP / S.K

re a

MR 51,795 2013 T ime Ma y 2018 Pyxis Ma lo u SPP / S.K

re a

MR 50,667 2009 T ime

Jul. 2018

Pyxis De lta Hyunda i / S.K

re a

MR 46,616 2006 T ime Ma y 2018 No rthse a Alpha (2) K e jin / China Sma ll T a nke r 8,615 2010 Spo t N/ A No rthse a Be ta (2) K e jin / China Sma ll T a nke r 8,647 2010 Spo t N/ A

T

ta l 216,635

Avg . Ag e 7.0 Ye a r s

F le e t De tails F le e t E mployme nt Ove r vie w

(1) T he se tab le s are date d as o f Marc h 9, 2018 and sho w g ro ss rate s and do no t re fle c t c o mmissio ns payab le . (2) Manag e me nt may pursue sale o r o the r lo ng -te rm strate g y fo r smalltanke rs. 77% , 47% and 20% o f the re maining days o f Q1, thro ug h Q2 and F Y 2018, re spe c tive ly, are c o ve re d, e xc lusive o f o ptio ns Ve sse l 2018 Jan. F e b. Mar . Apr . May Jun. Jul. Aug. Se p. Oc t. Nov. De c . Pyxis E psilon $16,250 / Day Pyxis T he ta $15,000 / Day Pyxis Malou $14,000 / Day Pyxis De lta $14,325 / Day Nor thse a Alpha N/ A Nor thse a Be ta N/ A F ixe d E mployme nt Char te r e r s Optional Pe r iod Ope n Days

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5

ST RONG RE L AT I ONSHI PS

QUAL IT Y VE SSE L S & OPE RAT IONS  BL UE CHIP CUST OME RS  AT T RACT IVE L E NDING T E RMS

CUST OME RS SE NIOR L E NDE RS SHIPYARDS

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SE NI OR MANAGE ME NT

► Jo ine d Pyxis a ffiliate s in 2013; 19+ ye a rs e xpe rie nc e in stra te g ic c o rpo ra te shipping tra nsa c tio ns ► Pre vio us 5 ye a rs se c uritie s a nd M&A pa rtne r a t Wa tso n F

a rle y & Willia ms with pa rtic ula r fo c us in the shipping industry

► Advise d o n c o mple x inte rna tio nal c o rpo ra te shipping tra nsa c tio ns in Ne w Yo rk o ffic e s o f Orric k,

He rring to n & Sutc liffe L L P a nd He a ly & Ba illie , L L P a nd in Ne w Yo rk a nd L

ndo n o ffic e s o f We il, Go tsha l

& Ma ng e s L L P sinc e 1997

► F

rme r me mb e r o f Bo a rd o f Go ve rno rs & Vic e Pre side nt o f the Co nne c tic ut Ma ritime Asso c ia tio n

► Jo ine d Pyxis a ffiliate s in 2008; 25+ ye a rs o f e xpe rie nc e in the shipping industry ► Co -fo unde r o f Na vb ulk Shipping S.A., a sta rt-up dry b ulk c o mpany ► 5 ye a rs a s F

ina nc ial Dire c to r o f Ne ptune L ine s, a c a r c a rrie r c o mpa ny

► 16 ye a rs in va rio us fina nc ial a nd o pe ra tio nal po sitio ns fo r o the r ship o wning a nd se rvic e s c o mpa nie s ► 25+ ye a rs o f e xpe rie nc e in o wning , o pe ra ting a nd ma na g ing within va rio us shipping se c to rs,

inc luding pro duc t, dry b ulk, c he mic al, a s we ll a s sa lva g e a nd to wa g e

► F

unde r o f Pyxis in 2015 a nd Pyxis Ma ritime Co rp. in 2007

► F

r the la st 16 ye a rs, Ma na g ing Dire c to r & Princ ipal o f K

ONK AR SHIPPI NG AGE NCI E S S.A., a n Athe ns- b a se d dry b ulk o wne r-o pe rato r e sta b lishe d in 1968

► Jo ine d Pyxis a ffiliate s in 2015; 35+ ye a rs o f c o mme rc ial, inve stme nt a nd me rc hant b a nking e xpe rie nc e ► Pre vio us inve stme nt b a nking po sitio ns inc lude No rde a Ma rke ts (Oslo & NY)–Glo b a l Se c to r He a d-

Shipping , a nd Oppe nhe ime r (NY)–He a d o f E ne rg y & T ra nspo rta tio n Antonios “T

ny”

Bac kos SVP for Cor por ate De ve lopme nt, Ge ne r al Counse l & Se c r e tar y Konstantinos “Kostas” L ytr as Chie f Ope r ating Offic e r Vale ntios “E ddie ” Vale ntis Chair man & CE O He nr y Williams CF O & T r e asur e r

DE CADE S OF E XPE RIE NCE

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7

PYXI S ORGANI ZAT I ONAL ST RUCT URE

L E AN, E F F ICIE NT , SCAL ABL E ORGANIZAT IONAL ST RUCT URE

Ad ministra tive , Co mme rc ia l & Ship Ma na g e me nt Se rvic e s (1) Ad ministra tive , Co mme rc ia l & Ship Ma na g e me nt F e e s

(1) As an affiliate , pro vide s the c o mme rc ial manag e me nt fo r the fle e t and supe rvise s the c re wing and te c hnic al manag e me nt pe rfo rme d b y I T M fo r all o ur ve sse ls (2) Pro vide s te c hnic al manag e me nt fo r all o ur ve sse ls

T e c hnic a l Ma na g e me nt (2)

Qua lity, Co st E ffe c tive Ship Ma na g e me nt

►Stre a mline d struc ture minimize s c o sts a nd a llo ws ma na g e me nt to fo c us o n c re a ting

lo ng te rm sha re ho lde r va lue

►Ve ry c o mpe titive ship ma na g e me nt fe e s @ $750/ da y/ ve sse l pro vide sa fe a nd e ffic ie nt

pe ra ting re sults c o mpa re d to pe e rs

SLIDE 8

8

►E

xpa nd fle e t b y ta rg e ting b a la nc e d c a pita l struc ture o f de b t a nd e q uity

►Ma inta in c o mme rc ia l le nding a nd e xpa nd c a pita l ma rke ts re la tio nships ►Me e t c ha rte re rs’ p re fe re nc e fo r mo d e rn a nd e c o ta nke rs, whic h o ffe r mo re

pe ra ting re lia b ility a nd e ffic ie nc y

►Ma inta in hig h sta nda rds e nsuring hig h le ve l o f sa fe ty, c usto me r se rvic e a nd

suppo rt

►Co ntinue so lid ma rg ins a nd ship le ve l fina nc ia l disc ipline within Pyxis ►F

c us o n a c q uisitio n o f IMO I

I a nd I I I MR2 c la ss pro duc t ta nke rs o f e ig ht ye a rs o f a g e o r le ss b uilt in T ie r 1 Asia n shipya rds

►Prude ntly g ro w c o mpa ny size a s so o n a s pra c tic a l

Gr

w the F

le e t Oppor tunistic ally Maintain F inanc ial F le xibility F

c us on the Ne e ds
f our

Custome r s

COMPANY ST RAT E GY

F OCUS ON QUAL IT Y, GROWT H, SE RVICE & F INANCIAL F L E XIBIL IT Y

►E

mplo y mixe d c ha rte ring stra te g y b e twe e n time a nd spo t

►Ma inta in o ptio na lity – spo t e xpo sure

ffe rs upside

during pe rio ds o f ma rke t stre ng th

►Dive rsify c ha rte rs b y c usto me r a nd sta g g e re d dura tio n

Utilize Por tfolio Appr

ac h to

Comme r c ial Manage me nt

SLIDE 9

MARK E T OVE RVI E W

PRODUCT T ANK E R I NDUST RY

SLIDE 10

10

RE F I NE D PRODUCT S OVE RVI EW

Pe tr

le um Pr
duc ts

Bitume n F ue l Oil Cyc le Oils Die se l/ Ga so il K e ro se ne Ga so line s Cle a n Co nde nsa te s Na phtha s

Othe r Bulk L iquids

Ve g e ta b le Oils & Org a nic Che mic a ls

Dir ty Pr

duc ts

Cle an Pr

duc ts

Cr ude

Mo st pro duc ts tanke rs c an switc h b e twe e n c le an and dirty pro duc ts whe n the tanks are c are fully c le ane d. Gaso il is a g o o d c le an up c arg o whe n switc hing fro m dirty to c le an pro duc ts. Mo re so phistic ate d pro duc t tanke rs wo rk at this e nd o f the marke t, so me with the ab ility to c arry pro duc ts and c e rtain c he mic als. Crude tanke rs c arry o nly c rude o il and fue l o ils. No n-o il sub stanc e s no w c o ve re d b y re vise d I BC Co de . T

c arry c he mic als,

an I MO Ce rtific ate o f F itne ss is re q uire d.

PRODUCT CARRYING VE RSAT IL IT Y

Ve g Oil/ L ig ht Che mic a ls

So urc e : Dre wry, Marc h 2018

SLIDE 11

11

1,500 1,700 1,900 2,100 2,300 2,500 2,700 2,900 3,100 3,300 600 650 700 750 800 850 900 950 1,000 1,050 1,100 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E

Se a borne Produc t T r a de - Million T

ns (L

e ft Ha nd Sc a le ) T

n Mile De ma nd - Billion T
n Mile s (Rig ht Ha nd Sc a le )

CHANGI NG T RADE ROUT E S & PE T ROL E UM RE F I NE RY L ANDSCAPE CRE AT I NG I NCRE ME NT AL DE MAND

So urc e : Dre wry, Marc h 2018 * Co mpo und annual g ro wth rate

Inc r e ase s in De mand due to Changing T r ade Route s & Re fining L andsc ape 3.6% CAGR* in million tons of se abor ne tr ade 4.3% CAGR in ton mile de mand

SLIDE 12

12

Inc r e ase s in L

ng- Haul Route s

E VOL VI NG T RADE ROUT E S WI T H T ON MI L E S I NCRE ASI NG

Gro wth in ne t re fining c a pa c ity e xpe c te d to furthe r d rive d e ma nd fo r pro d uc t ta nke rs
L
we r c rud e / fe e d sto c k pric e s g e ne ra te inc re me nta l re fine ry d e ma nd
Arb itra g e b e twe e n ma rke ts c re a te furthe r o ppo rtunitie s
E

me rg ing , g ro wing ma rke ts in So uth Ame ric a a nd Afric a ha ve little to no re fining c a pa c ity

U.S. e xpo rts to So uth Ame ric a ha ve g ro wn a t CAGR o f ~15.2% fro m 2007 to 2017

R R

New Refineries R

So urc e : Dre wry, Marc h 2018

SLIDE 13

13

U.S. HAS BE COME MAJOR E XPORT E R OF RE F I NE D PRODUCT S

Millio n Ba rre ls pe r Da y

Inc r e ase in r e fine r y c apac ity due to pr

life r

ation of shale oil pr

duc tion

1 2 3 4 5 6 Ja n-07 Ja n-08 Ja n-09 Ja n-10 Ja n-11 Ja n-12 Ja n-13 Ja n-14 Ja n-15 Ja n-16 Ja n-17

Unite d Sta te s Sa udi Ara bia India

So urc e : Dre wry, Marc h 2018

SLIDE 14

14

RE F I NE RY CAPACI T Y ADDI T I ONS F URT HE R AWAY F ROM E ND USE RS  BOOST I NG T ON-MI L E DE MAND

E xpe c te d Pe tr

le um Re fine r

y Capac ity Additions Dr ive n by Non- OE CD Gr

wth & E

xpor ts

Millio n Ba rre ls pe r Da y

0.0 0.5 1.0 1.5 2.0

2018 2019 2020 2021 2022

So urc e : Dre wry, Marc h 2018

SLIDE 15

15

MR2 ORDE R BOOK AT L OWE ST L E VE L SI NCE 2000

T
tal MR2 ve sse l or

de r book ha s fa lle n fro m a ~48% hig h in 2007 o f the the n e xisting fle e t to 6.2% (101

MR2 ve sse ls) o f the wo rld wid e fle e t, lo we st sinc e 2000

MR2: L
w or

de r ing – 52 MR2’ s in 2017 (3.2% o f g lo b a l fle e t)

L

imite d c apac ity additions

sc he d ule d be yo nd 2018 d ue to c o ntinue d fina nc ia l pro b le ms/ re struc turing s/ c lo sure s a t shipya rd s a nd limite d a va ila b ility o f c o st-e ffe c tive c a pita l

Wor

ldwide MR2 fle e t is e xpe c te d to gr

w at an ave r

age of 2.8% (gr

ss) pe r annum in 2018 and 2019,

witho ut g iving e ffe c t to sc ra pping o f o ld e rve sse ls a nd slippa g e o f d e live rie s

E xpe c te d De live r y Sc he dule

Numb e r o f Ve sse ls

10 20 30 40 50 60 Me dium Ra ng e 2 (MR2)

2018 2019 2020 2021+

So urc e : Dre wry, Marc h 2018

SLIDE 16

16

MR2 SCRAPPI NG E XPE CT E D T O I NCRE ASE

Global Fleet Age Distribution by Tonnage

Ave r

age age of MR2 fle e t is 9.7 ye ar s

91 MR2 ve sse ls (5.6% ) ar

e 20 ye ar s old or mor e

L

e ss than 1% sc r apping in 2017

Size able por

tion of the fle e t is appr

ac hing e nd of its use ful life - futur

e supply will affe c t r e plac e me nt ability

Ne w e nvir
nme ntal r

e gulations should dr ive mor e sc r apping

0% 5% 10% 15% 20% 25% 30% 35% < 5 Yrs 5-10 Yrs 10-15 Yrs 15-20 Yrs 20-25 Yrs 25+ Yrs

MR2

So urc e : Dre wry, Marc h 2018

SLIDE 17

17

►

E nvir

nme ntal r

e gulations should le ad to inc r e ase d sc r apping

F
rc e
wne rs to

e ithe r sc ra p e a rlie r o r ma ke sig nific a nt ve sse l c a pita l e xpe nditure s to re ma in o pe ra tio na lly c o mpe titive

146 MR2 (9.0% of wor

ld fle e t) ar e 18 ye ar old +

►

Ballast Wate r T r e atme nt Syste m (“BWT S”)

Ba lla st se a wa te r is use d to sta b ilize ve sse ls a nd e nsure struc tura l inte g rity;

Pumpe d b e fo re / a fte rc a rg o is lo a de d/ unlo a de d

Sta rting Se pte mb e r 2019 a t ve sse l’ s ne xt spe c ia l surve y, o wne rs will ha ve to

insta ll a ppro ve d BWT S, whic h re mo ve s ina c tive o rg a nisms fro m b a lla st wa te r prio rto disc ha rg e

Re tro fits in o lde rta nke rs c a n b e c ha lle ng ing a nd c o stly
De pe nding o n ve sse l, fully loade d installation c osts e xpe c te d to b e b e twe e n

$0.5 million to $0.6 million fo ra sta nda rd MR ta nke r

►

Ne w str ic te r r e gulations on sulfur e missions star ting Januar y 2020

L

imits re duc e d fro m 3.5% to 0.5%

Owne rs e ithe r i) insta ll e xpe nsive sc rub b e r (~$3.0 million+ c ost vs. ~$4.0 million

ve sse l sc r ap value ) to b urn c urre nt g ra de o f fue l, o r ii) pa y size a b le pre mium

(c urre ntly ~ $230 pe r to n o r $6,900 pe r da y) to b urn ma rine g a s o il (MGO) fue l a nd run ve sse l a t slo we rspe e d

NE W E NVI RONME NT AL RE GUL AT I ONS T O DRI VE MORE SCRAPPI NG

So urc e : Dre wry, Marc h 2018

SLIDE 18

18

5,000 10,000 15,000 20,000 25,000 30,000 35,000 Ja n F e b Ma r Apr Ma y Jun Jul Aug Se p Oc t No v De c

2014 2015 2016 2017 2018YT D 10 Ye a r Ave ra g e Ma r.08- F e b.18 MR2 Avg . Ra te

Ave ra g e $14,987 L

w

$10,800 Hig h $24,300

F e b. 2018 $13,750 Ma r.08- F e b.18 MR2 Avg . Ra te

Ave ra g e $12,525 L

w

$1,800 Hig h $32,400

F e b. 2018 $9,400

MR2 CHART E R RAT E S POSI T I ONE D F OR RE BOUND

Daily MR2 T ime Char te r E quivale nt Spot Rate s (Carib s-USAC) 1 Ye ar MR2 T ime Char te r E quivale nt Rate s *

So urc e : Dre wry, Marc h 2018 * Ple ase se e E xhib it I

No n-GAAP De finitio ns

USD pe r Da y USD pe r Da y

5,000 10,000 15,000 20,000 25,000 30,000 Ma r-08 Ma r-09 Ma r-10 Ma r-11 Ma r-12 Ma r-13 Ma r-14 Ma r-15 Ma r-16 Ma r-17

MR2 10 Ye a r Ave ra g e

SLIDE 19

19

HI ST ORI CAL L OW MR2 ASSE T VAL UE S CRE AT E AT T RACT I VE E NT RY POI NT

MR2 Asse t Pr ic e s

USD Millio n

* So urc e : Dre wry, Marc h 2018 ** E xc lusive o f hig he r de sig n spe c ific atio ns, yard supe rvisio n c o sts and spare s

T ype Cur r e nt * 10 Yr . Ave r age * Diffe r e nc e

Ne w Build(de live ry 2H19) ** $34.0 $36.7 (7.4%) 5 yr. o ld $24.0 $28.4 (15.4%)

15 25 35 45 55 65 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

NB Pric e NB Pric e Ave ra g e 08- 17 SH Pric e SH Pric e Ave ra g e 08- 17

SLIDE 20

PYXI S T ANK E RS

F I NANCI AL SUMMARY

SLIDE 21

21

Ye a r e nde d De c e mbe r 31, T hr e e Months e nde d De c e mbe r 31, 2016 2017 2016 2017

I n ‘ 000 USD e xc e pt fo r daily T CE rate s T ime / spo t c ha rte r re ve nue mix 69% / 31% 43% / 57% 41% / 59% 50% / 50% Vo ya g e re ve nue s $30,710 $29,826 $7,172 $7,317 Vo ya g e re la te d c o sts & c o mmissio ns (6,611) (8,710) (2,697) (1,932)

T ime c ha r te r e quiva le nt r e ve nue s * $24,099 $21,116 $4,475 $5,385 Ne t loss ** ($5,813) ($5,243) ($5,832) ($1,449) L

ss pe r

sha r e (ba sic & dilute d) *,** ($0.32) ($0.28) ($0.32) ($0.08) Adjuste d E BIT DA *,** $6,999 $3,649 $368 $1,068

T

ta l o pe ra ting da ys

1,986 1,956 457 486 Da ily time c ha rte r e q uiva le nt ra te * $12,134 $10,795 $9,791 $11,079 F le e t Utiliza tio n 91.3% 89.3% 85.9% 88.0%

UNAUDI T E D F I NANCI AL HI GHL I GHT S

T HRE E MONT HS & YE AR E NDE D DE CE MBE R 31, 2016 & 2017

Co mpa ra tive Q/ Q impro ve me nt b ut c o ntinue d so ft spo t c ha rte ring a c tivity impa c te d Q417 o pe ra ting re sults

* Ple ase se e E xhib it I – No n-GAAP Me asure s and De finitio ns ** I nc lude s write -o ff o f F

1 o ffe ring c o sts o f ~ $329K in Q2; e xc luding same , Adjuste d E

BI T DA and Ne t lo ss/

sh. wo uld have b e e n $3,978 a nd ($0.27), re sp e c tive ly, fo r ye a r e nd e d De c e mb e r 31, 2017

SLIDE 22

22

(amo unts in $)

Ye ar E nde d De c e mbe r 31, T hr e e Months E nde d De c e mbe r 31,

2016 2017 2016 2017

E c o- E ffic ie nt MR2: (2 of our ve sse ls)

Ave ra g e T CE * 15,015 13,027 13,659 12,942 Ope x * 5,754 5,838 5,625 5,846 Utiliza tio n % 97.0% 94.1% 92.4% 98.4%

E c o- Modifie d MR2: (1 of our ve sse ls)

T CE 10,705 13,042 5,394 14,353 Ope x 6,255 6,433 5,573 6,051 Utiliza tio n % 92.9% 90.1% 91.3% 84.8%

Standar d MR2: (1 of our ve sse ls)

T CE 15,504 12,209 12,120 13,054 Ope x 6,772 6,036 6,504 6,633 Utiliza tio n % 90.5% 99.2% 81.9% 100.0%

Small T anke r s: (2 of our ve sse ls)

Ave ra g e T CE 7,939 5,979 6,834 5,342 Ope x 5,315 5,408 5,168 6,003 Utiliza tio n % 85.1% 79.2% 78.3% 73.4%

F le e t: (6 of our ve sse ls)

T CE 12,134 10,795 9,791 11,079 Ope x 5,861 5,827 5,610 6,064 Utiliza tio n % 91.3% 89.3% 85.9% 88.0%

RE CE NT DAI L Y F L E E T DAT A

T HRE E MONT HS & YE AR E NDE D DE CE MBE R 31, 2016 & 2017

* Ple ase se e E xhib it I – No n-GAAP Me asure s and De finitio ns

Ove ra ll c o nsiste nc y in ve sse l Ope x

SLIDE 23

23

T OT AL DAI L Y CASH OPE RAT I ONAL COST S/ E CO-VE SSE L S

T HRE E MONT HS & YE AR E NDE D DE CE MBE R 31, 2017

Ye ar E nde d De c e mbe r 31, 2017 T hr e e Months E nde d De c e mbe r 31, 2017 E c o E c o Modifie d E ffic ie nt Modifie d E ffic ie nt

(amo unts in $/day) Ope x * $6,433 $5,838 $6,051 $5,846 T e c hnic al & c o mme rc ial ma na g e me nt fe e s 750 750 746 746 Ca sh G&A e xpe nse s ** 1,294 1,294 1,009 1,009

T

tal daily c ash ope r

ational c osts pe r ve sse l ** $8,477 $7,882 $7,806 $7,601

* Ple ase se e E xhib it I

No n-GAAP Me asure s and De finitio ns

** E xc lude s no n-c ash share b ase d c o mpe nsatio n o f $355K . I nc lude s write -o ff o f F

1 o ffe ring c o sts o f ~ $329K in Q2; e xc luding same fo r the ye ar e nde d De c e mb e r 31, 2017, (1) daily G&A

e xpe nse s wo uld have b e e n $1,143, a nd (2) to tal daily o pe ratio nal c o sts fo r E c o -mo difie d and E c o -e ffic ie nt MR’ s wo uld have b e e n $8,326 and $7,731, re spe c tive ly

Our E c o MR2 ta nke rs’ to ta l da ily o pe ra tio na l c o sts c o ntinue to b e c o mpe titive

SLIDE 24

24

At De c e mbe r 31, 2017

I n ‘ 000 USD

ACT UAL PR O- F OR MA*

Ca sh a nd c a sh e q uiva le nts, inc luding re stric te d c a sh $ 6,693 4,593 Ba nk de b t, ne t o f de fe rre d fina nc ing fe e s 66,430 60,024 Pro misso ry no te 5,000 5,000

T

ta l funde d de bt

$ 71,430 65,024

Sto c kho lde rs' e q uity 48,156 52,462

T

ta l c a pita liza tion

$ 119,586 117,486 Ne t funde d de bt $ 64,737 60,431 T

ta l funde d de bt / tota l c a pitalization

59.7% 55.3% Ne t funde d de bt / tota l c a pitalization 54.1% 51.4%

PRO-F ORMA CAPI T AL I ZAT I ON

AT DE CE MBE R 31, 2017

We ig hte d a ve ra g e inte re st ra te o f to ta l de b t fo r the ye a re nde d De c e mb e r31, 2017 wa s 3.74%

R e c e nt pr

- for

ma de ve lopme nts:

On F

e b rua ry 28, 2018, re fina nc e d e xisting inde b te dne ss o f $26.9 millio n with ne w 5-ye a r lo a n o f $20.5 millio n, c a sh o f $2.1 millio n a nd $4.3 millio n g a in fro m de b t e xting uishme nt

Mo de ra te le ve ra g e a t lo w inte re st c o sts No b a nk b a llo o n pa yme nts sc he dule d until Q2 2020

* E xc lude s sc he dule d b ank princ ipal payme nts o f $0.6 millio n sinc e De c e mb e r 31, 2017

SLIDE 25

25

MANAGE ME NT I NCE NT I VI ZE D T O ACHI E VE GROWT H

F OUNDE R/ CE O’S SUBST ANT IAL SHARE HOL DINGS

► Co mmo n sha re s liste d o n NASDAQ Ca pita l Ma rke t unde r tra ding symb o l “PXS”

► T he sha re ho lde r b a se a s o f Ma rc h 9, 2018:

Ma ritime I

nve sto rs Co rp. 17,002,445 (81.4% o f

utsta nding )
Pub lic F

lo a t 3,875,448 (18.6%)

T
tal Shar

e s Outstanding 20,877,893 (100% )

► Our F

unde r/ CE

O’ s sub sta ntia l sha re ho lding s a nd inte re sts a re a lig ne d with o ur sha re ho lde rs

SLIDE 26

26

I NVE ST ME NT HI GHL I GHT S

E ME RGING GROWT H - PURE PL AY PRODUCT T ANKE R COMPANY

Gr

wth Or

ie nte d with Attr ac tive , Mode r n F le e t Re putable Custome r Base & Dive r sifie d Char te r ing Str ate gy Compe titive Cost Str uc tur e & Mode r ate Capitalization E xpe r ie nc e d, Inc e ntivize d Manage me nt & Pr

mine nt Boar

d F avor able Industr y F undame ntals Cr e ate Attr ac tive E ntr y Point

SLIDE 27

NON-GAAP ME ASURE S AND DE F I NI T I ONS

E XHI BI T I

SLIDE 28

28

E XHI BI T I | NON-GAAP ME ASURE S AND DE F I NI T I ONS

(in tho usands o f U.S. Do llars)

Ye a r E nde d De c e mbe r 31, T hr e e Months E nde d De c e mbe r 31,

2016 2017* 2016 2017

R e c onc ilia tion of Ne t loss to Adjuste d E BIT DA

Ne t lo ss $ (5,813) $ (5,243) $ (5,832) $ (1,449) De pre c ia tio n 5,768 5,567 1,450 1,403 Amo rtiza tio n o f spe c ia l surve y c o sts 236 73 51 19 Inte re st a nd fina nc e c o sts, ne t 2,810 2,897 701 740

E BIT DA $ 3,001 $ 3,294 $ (3,630) $ 713

Ve sse l impa irme nt c ha rg e 3,998

3,998
Sto c k c o mpe nsa tio n
355
355

Adjuste d E BIT DA $ 6,999 $ 3,649 $ 368 $ 1,068

* T he ye a r e nde d De c e mb e r 31, 2017 pre se nte d a b o ve inc lude s write -o ff in Q2 o f the o ffe ring e xpe nse s inc urre d fo r the pub lic e q uity o ffe ring we te rmina te d in July 2017. If we we re to e xc lude the se c o sts, o ur Adjuste d E BI T DA fo r the sa me pe rio d wo uld ha ve b e e n $3,978.

SLIDE 29

29

E XHI BI T I | NON-GAAP ME ASURE S AND DE F I NI T I ONS

E a rning s b e fo re inte re st, ta xe s, de pre c ia tio n a nd a mo rtiza tio n (“E BI T DA”) re pre se nts the sum o f ne t inc o me / (lo ss), inte re st a nd fina nc e c o sts, de pre c ia tio n a nd a mo rtiza tio n a nd, if a ny, inc o me ta xe s d uring a pe rio d . E BI T DA is no t a re c o g nize d me a sure me nt und e r U.S. G AAP. E BI T DA is pre se nte d a s we b e lie ve tha t it pro vide s inve sto rs with a me a ns o f e va lua ting a nd unde rsta nding ho w

ur ma na g e me nt e va lua te s o pe ra ting pe rfo rma nc e . T

his no n-G AAP me a sure sho uld no t b e c o nside re d in iso la tio n fro m, a s sub stitute s fo r, o r supe rio r to fina nc ia l me a sure s pre pa re d in a c c o rd a nc e with U.S. G AAP. I n a dditio n, this no n-GAAP me a sure do e s no t ha ve sta nda rdize d me a ning , a nd is the re fo re , unlike ly to b e c o mpa ra b le to simila r me a sure s pre se nte d b y o the r c o mpa nie s. Da ily time c ha rte r e q uiva le nt (“T CE ”) is a shipping industry pe rfo rma nc e me a sure o f the a ve ra g e da ily re ve nue pe rfo rma nc e o f a ve sse l o n a p e r vo ya g e b a sis. T CE is no t c a lc ula te d in a c c o rda nc e with U.S. GAAP. We utilize T CE b e c a use we b e lie ve it is a me a ning ful me a sure to c o mpa re pe rio d-to -pe rio d c ha ng e s in o ur pe rfo rma nc e de spite c ha ng e s in the mix o f c ha rte r type s (i.e ., spo t c ha rte rs, time c ha rte rs a nd b a re b o a t c ha rte rs) unde r whic h o ur ve sse ls ma y b e e mplo ye d b e twe e n the pe rio ds. Our ma na g e me nt a lso utilize s T CE to a ssist the m in ma king de c isio ns re g a rding e mplo yme nt o f the ve sse ls. We c a lc ula te T CE b y d ividing vo ya g e re ve nue s a fte r de d uc ting vo ya g e re la te d c o sts a nd c o mmissio ns b y o pe ra ting da ys fo r the re le va nt pe rio d. Vo ya g e re la te d c o sts a nd c o mmissio ns prima rily c o nsist o f b ro ke ra g e c o mmissio ns, po rt, c a na l a nd fue l c o sts tha t a re uniq ue to a pa rtic ula r vo ya g e , whic h wo uld o the rwise b e pa id b y the c ha rte re r unde r a time c ha rte r c o ntra c t. Ve sse l o pe ra ting e xpe nse s (“ Op e x”) pe r d a y a re o ur ve sse l o pe ra ting e xpe nse s fo r a ve sse l, whic h prima rily c o nsist o f c re w wa g e s a nd re la te d c o sts, insura nc e , lub e

ils, c o mmunic a tio ns, spa re s a nd

c o nsuma b le s, to nna g e ta xe s a s we ll a s re pa irs a nd ma inte na nc e , divide d b y the o wne rship da ys in the a pplic a b le pe rio d. We c a lc ula te fle e t utiliza tio n (“Utiliza tio n”) b y dividing the numb e r o f o p e ra ting da ys d uring a p e rio d b y the numb e r o f a va ila b le da ys d uring the sa me pe rio d. We use fle e t utiliza tio n to me a sure o ur e ffic ie nc y in finding suita b le e mplo yme nt fo r o ur ve sse ls a nd minimizing the a mo unt o f da ys tha t o ur ve sse ls a re o ff-hire fo r re a so ns o the r tha n sc he dule d re p a irs o r re pa irs unde r g ua ra nte e , ve sse l upg ra de s, sp e c ia l surve ys a nd inte rme dia te dry-do c king s o r ve sse l po sitio ning . Owne rship da ys a re the to ta l numb e r o f da ys in a pe rio d during whic h we o wne d e a c h o f the ve sse ls in o ur fle e t. Ava ila b le da ys a re the numb e r o f o wne rship da ys in a pe rio d , le ss the a g g re g a te numb e r o f da ys tha t o ur ve sse ls we re o ff-hire d ue to sc he d ule d re p a irs o r re pa irs und e r g ua ra nte e , ve sse l up g ra de s o r spe c ia l surve ys a nd inte rme dia te dry-d o c king s a nd the a g g re g a te numb e r o f da ys tha t we spe nt po sitio ning o ur ve sse ls d uring the re spe c tive pe rio d fo r suc h re pa irs, upg ra de s a nd surve ys. Op e ra ting da ys a re the numb e r o f a va ila b le da ys in a pe rio d, le ss the a g g re g a te numb e r o f da ys tha t o ur ve sse ls we re o ff-hire o r o ut o f se rvic e d ue to a ny re a so n, inc luding te c hnic a l b re a kdo wns a nd unfo re se e n c irc umsta nc e s.

Continue d

SLIDE 30